Sunday, October 5, 2008

Monthly inventory update

A new listing at 2312 California, 2/2, last sold 7/12/06 for $1,392K, is asking $1,492K. With 1030 Chelsea (below and updated on SM Distress Monitor) not selling at $1,299K it appears headed for a loss.

And 534 19th, 2/2 asking $2,250K in Gillette Regents Square, fell out of escrow and is back on the market.

Last week's 1030 Chelsea cut its price $100K to $1,299K while "Looking for Backup". North-of-Montana's 402 19th (below) is now "Looking for Backup", but the others are still available.

9/12 - Santa Monica North-of-Wilshire indicator 1030 Chelsea went into escrow, but it took nearly 6 weeks. Its $1,399K price was below recent comps last year at 1020 Chelsea, sold 8/24/07 for $1,478K, and 1024 23rd, sold 8/8/07 for $1,445K. With the wait to sell probably went below asking.

Another interesting new north of Montana listing is the 5 bed/5 bath house at 751 24th Street, asking a low $2,350K.

9/5 - New and returned listings over $2M raised Santa Monica inventory. Pacific Palisades New sales established lower Sunset Park prices: 2640 24th (2/2) closed for $875K. In escrow after more than a month at $995K is 1645 Ashland (2/1). And 1215 Ashland (3/1) closed for $1,250K, 6% below last asking of $1,325K.

Last year's 1101 Cedar (photo) is back on the market at $1,375K. Last sold 12/16/05 for $1,169K, it was listed 4/11/07 for $1,580K, and left the market in 11/07 at $1,399K, no newer sale recorded.

Three new low-end 60-foot-lot Gillette houses were listed: 2/2 at 534 19th for $2,250K, 2/2 at 402 19th for $2,325K, and 3/1.75 at 416 21st Place for $2,375K. And the 2/3 60'-lot house at 210 21st reduced its price again, now to $2,259K.